This paper examines alternative ways to prevent losses from bank insolvencies. It is widely viewed that transparency in reporting bank balance sheets is a key element in reducing such losses. It is, however, unclear just how such transparency would be achieved. Current approaches to avoiding...

After a brief review of option pricing theory, we introduce various methods proposed for extracting the statistical information implicit in options prices. Among the methods discussed are: lognormal Edgeworth expansions, cumulant expansions, Hermite polynomial expansions, nonparametric kernel...

We measure the loss potential of Hedge Funds by combining three market risk measures: VaR, Draw-Down and Time Under-The-Water. Calculations are carried out considering three different frameworks regarding Hedge Fund returns: i) Normality and time-independence, ii) Non-normality and time-...

This paper investigates the effects of the sources of candidates' campaign funding on their electoral outcomes, with particular emphasis on whether candidates who rely on a narrow base of funding suffer adverse electoral consequences. An extensive dataset consisting of over 650,000 contributions...

Spending limits are an important rule in the electoral game. Critics of limits claim that incumbents write these rules to keep down promising challengers. Their arguments are seductive but do not stand on a firm empirical base. The data seem quite eager to support or reject the critics' view,...

The economics of information goods suggest the need for institutional intervention to address the problem of revenue extraction from investments in resources characterized by high fixed costs of production and low marginal costs of reproduction and distribution. Solutions to the appropriation...

Election finances are usually lightly regulated in emerging democracies. As these democracies mature they seek to impose campaign spending limits, limits on contributions, and disclosure laws. The present paper reviews the experience with such laws in the United States and Canada and contrasts...

Abstract : Abuse and neglect of older adults (« elder abuse ») has a significant impact on the lives of the individuals involved. At the same time, it has a broader social and economic cost. Many of these are « hidden costs » in the sense that the cause of the underlying problem is not...

We study item-pricing laws (which require that each item in a store be individually marked with a price sticker) and examine and quantify their costs and benefits. On the cost side, we argue that item-pricing laws increase the retailers’ costs, forcing them to raise prices. We test this...